The Peer-to-Peer Car Sharing Act establishes a regulatory framework for peer-to-peer car sharing programs in New Jersey. Under this act, such programs will assume liability for bodily injury or property damage to third parties during the car sharing period, ensuring coverage amounts meet or exceed minimum state requirements. The act also stipulates that in cases of disputes regarding control of the shared vehicle at the time of a loss, the peer-to-peer car sharing program will hold primary liability. Additionally, the bill outlines exclusions for motor vehicle liability insurance policies, allowing insurers to exclude coverage for claims related to shared vehicles, and mandates recordkeeping and consumer protection disclosures regarding fees and insurance costs associated with the car sharing agreements.

Furthermore, the act requires peer-to-peer car sharing programs to notify vehicle owners if their shared vehicle has a lien, and it includes provisions for ensuring that shared vehicles are free from safety recalls before being made available for sharing. The Commissioner of Banking and Insurance is empowered to adopt regulations to implement the act, which will take effect ten months after its enactment. Overall, the legislation aims to provide clarity and protection for both vehicle owners and drivers participating in peer-to-peer car sharing arrangements.